Soybeans Slipping Lower but Off Early Lows
Soybeans bouncing off the early midday lows on Wednesday, though contracts are still down 5 to 7 cents at midday. CmdtyView’s national front month Cash Bean price is back down 6 3/4 cents at $9.36. Soymeal futures are just 70 cents/ton higher. There were 5 deliveries issued against December bean meal overnight, taking the total since FND to 1,218. Soy Oil futures are down another 36 points on the session. The first deliveries against December bean oil futures were issued overnight, at 228 in total
USDA reported a private export sale of 30,000 MT of soybean oil to South Korea this morning.
Weekly Export Sales data will be released tomorrow morning, with estimates ahead of the report running between 1.1 to 2.5 MMT of 2024/25 soybean sales in the week of 11/28 according to a Reuters survey of analysts, with 0-75,000 MT for 2025/26. Meal sales are expected to be between 150,000 and 600,000 MT in total, with bean oil in a range of 10,000 to 70,000 MT.
Stats Canada data will be released on Thursday, with canola production estimated at 18.51 MMT, which would be down from the 19.19 MMT from last year.
Jan 25 Soybeans are at $9.85, down 6 3/4 cents,
Nearby Cash is at $9.36, down 6 3/4 cents,
Mar 25 Soybeans are at $9.91 1/2, down 5 3/4 cents,
Jul 25 Soybeans are at $10.15 1/2, down 5 1/4 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.